Finding the Perfect Fit:
How We Became Indispensable Partners for Amigo Children’s Dental
Introduction
In pediatric dentistry, where creating a kid-friendly environment is as crucial as providing top-notch dental care, the right partner can make all the difference. For Dr. Howard and Loral Hunt at Amigo Children’s Dental, collaborating with Edwards & Associates has been pivotal in addressing the unique requirements of their specialty and turned out to be just what the pediatric dentist ordered.
The Challenge
When Dr. Howard and Loral Hunt set out to open their practice, they were keenly aware that success would hinge on selecting the right partners who understood the challenges unique to pediatric dentistry. They needed more than just financial oversight; they needed a partner to navigate the complex landscape of dental-specific tax benefits and the financial logistics of establishing a new practice.
Their search led them to Edwards & Associates. Despite the seven-hour distance, the Hunts felt an immediate connection during their initial discussions with Robert and his team. “As a specialist in pediatric dentistry, I knew I needed a specialist in dental accounting, and Edwards & Associates was exactly that—ridiculously knowledgeable and trustworthy. Their financial advice and team resources made the decision an easy one.”
The Solution
From the onset, Edwards & Associates took the time to understand the unique dynamics of the practice, guiding the Hunts through the intricacies of acquiring land and securing an SBA loan. They transformed uncertainty into confidence by highlighting the tax advantages of owning a practice. With a few employees and a need to streamline operations, Edwards & Associates’ hands-on approach allowed the Hunts to manage their books efficiently while receiving the strategic support as needed. This partnership laid a solid foundation for growth, proving that having a knowledgeable ally makes all the difference.
Today, Edwards & Associates are far more than accountants; they are strategic partners, providing options, not directives, and empowering the practice to make decisions backed by thorough analysis. With flawless execution and a deep understanding of the dental industry, they have become a trusted extension of the Amigo Children’s Dental team.
The Results
With Edwards & Associates at their side, Amigo Children’s Dental has realized significant financial savings and operational efficiencies. The Hunts now plan with confidence, including potential expansion, with a solid financial foundation laid by their trusted advisors. “I feel at times like we are their only client. I know they are there and working their best for us. They want us to succeed. As many clients as they have, I never feel like a number.”
Testimonial
“From the beginning, Edwards & Associates’ expertise was immediately apparent. They weren’t just accountants; they have a unique knowledge of dentistry that sets them light years ahead of other firms. Their knowledge of the tax benefits specific to dental practices was night and day compared to others. As a specialist, I value and trust their team with all our accounting needs.”
Dr. Howard Hunt, Jr.
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Have Questions?
Contact us at info@eandassociates.com or call us at (972) 267 9191 to schedule a consultation!
When Should I Start Thinking About Implementing a 401k Plan?
As soon as possible! The founder of our firm, Mr. Robert Edwards gets these questions all the time and he always answers them the same way: “I’m always encouraging our clients to save for retirement even when they starting their dental practice. Remember, if you do not put money away, you are more likely to spend it! You only stand to benefit by funding a retirement plan in the early years of your practice because you don’t have any other eligible employees.”
Are Dental Services Subject to Sales Tax?
It is important to remember that dental services and appliances are exempt from sale and use tax in most cases. However, the sales of non-prescription toothpaste and toothbrushes can be subject to sales and use tax.
If you decide to sell non-prescription items to your patients, the first step is to apply for a Sales and Use Tax Permit. You can apply for a permit online using Webfile. The Sales and Use Tax permit also allows you to be exempt from paying sales tax on any items that you purchase for resale.
Next, you need to set up your dental software to track taxable transactions to allow for accurate record keeping. Contact your software help desk for helping in creating the necessary monthly taxable activity reports.
If you are required to collect sales tax on nonexempt transactions such as toothbrushes and toothpaste, your reporting and remittance schedule depends upon how much sales tax you are collecting within a monthly, quarterly, or yearly time frame. You are required to file a Texas Sales and Use Tax Return (Form 01-117) and submit the collected tax based on the collection levels below:
- You must file Monthly if you collect $500 or more tax in a month.
- You must file Quarterly if you collect <$500 per month or <$1500 per quarter.
- If you collect less than $1,000 in tax per year, then you need only file one per year. However, if you are collecting close to this level of tax then a quarterly filing pattern is a safer option.
The Texas Comptroller allows multiple methods for reporting and payment including paper filing and Webfile.
Are Dental Practice Management Consultants Worth the Investment?
If you own a dental practice, you know that it’s a job that requires you to juggle many responsibilities. The reality is that not everybody is cut out to juggle everything required to run a dental practice, while also being a good dentist. And even if you are one of the few dentists that can “do it all”, how do you give it the time it deserves while also seeing patients and perfecting your craft?
Unless you’re prepared to hire an in-house team to run your business, you’ll have to look elsewhere for guidance and support. A great place to start is with a dental practice management consultant. A dental consultant helps dentists improve their practice by providing advice, training, and expertise.
This includes, but is not limited to:
- Coaching Your Team
- Building Patient Relationships
- Identifying Behavioral Styles
- Team Building
- Partnerships that Thrive
- Implementing Incentive Programs
- Equipment purchases
- Finances and billing
- Maintaining an Effective Hygiene Program
- Scheduling to Goal
Dental Practice Consultants are most useful when you are starting up a new practice, looking to expand your dental empire, or going through other transitional periods such as adopting new management software, onboarding new staff members, or selling your dental practice. Dental practice consultants can also be used to help you improve your practice efficiency and evaluate weak points. At Robert Edwards & Associates PC, we are lucky to have renowned dental practice consultant Dr. Sharon Tiger, who has decades of experience in helping dental practices make the best decisions to ensure success.